Southwest Service Administrators, Inc.

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New Mexico Electricians Retirement Benefit Fund

 
Frequently Asked Questions

 

How do I enroll for voluntary contributions to the 401K plan?
All newly eligible plan participants will receive a Plan Enrollment Packet once their Employer has submitted contributions to 401K plan.  If you have not yet received your Plan Enrollment Packet, you may complete an Enrollment Form and return the completed form to your Employer.  Prior to completion of the Enrollment Form, you may want to review the following:
-Plan Highlights
-Beneficiary Form
-Safe Harbor (QDIA/404(c) Notice
-Participant Fee Disclosure
-Investment Election Instructions
-Fund Fact Sheets
 
If you have any questions on any of the above online forms, please contact Southwest Service Administrators at (505) 265-8422 or toll-free at 1-800-432-6636.
 
How do I change my address?
Complete the online Address Change Form and return the completed form to Southwest Service Administrators-2300 Buena Vista SE, Suite 127-Albuquerque, NM 87106
 
How do I make changes to the voluntary amount I would like to contribute? ****Effective September 1, 2019 you can change your voluntary contributions at any time****
Voluntary employee contributions can be changed by completing a new Enrollment Form, submitting the enrollment form to your employer no later than the 15th of the month. Your new contribution amount will become effective on the 1st of the following month. 

 

How do I stop my voluntary contributions?
Voluntary employee contributions can be stopped  by completing a new Enrollment Form, submitting the enrollment form to your employer no later than the 15th of the month. Your new contribution amount will become effective on the 1st of the following month. 
 

How do I change my Investment Allocations?

Go to www.startright.bokf.com or contact the StartRight Voice System at 1-800-686-9457 or you may speak with a Participant Service Representative at 1-800-876-9557.
You will need your User ID number and Personal Identification Number (PIN) to access your personal account information.
 
What if I don’t have my User ID number or my PIN#?
Contact a Participant Service Representative at 1-800-876-9557.

 

How do I log onto StartRight to view my account:  Account Access
 
How do I update my profile on StartRight - Please watch video
 
 
How do I find out how much money is in my 401K account?
For account balances, go to www.startright.bokf.com or contact the Start Right Voice System at 1-800-686-9457 or you may speak with a Participant Service Representative at 1-800-876-9557.
You will need your User ID number and Personal Identification Number (PIN) to access your personal account information.

 

How do I change my Federal Tax Withholding?
Complete and print the Online W-4P Federal Tax Form and mail to the fund office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106

 

How do I designate or change my beneficiary?
Complete the online Beneficiary Designation Form and return the completed form to the Trust Fund Office:
 
New Mexico Electricians Retirement Benefit Fund
c/o Southwest Service Administrators Inc.
2300 Buena Vista SE, Suite 127
Albuquerque, NM 87106

 

When can money be withdrawn from my 401(K) account?
-Retirement after attainment of age 55-Retirement means the complete withdrawal by an employee from employment for wages or profit as an electrician.
-Total Disability
-Failure to perform services for a Contributing Employer for any period of three (3) consecutive Plan Years.
-Death
-When you apply and qualify for a Hardship Withdrawal. **
-In accordance with a Qualified Domestic Relations Order (QDRO)
-The Required Begin Date for a participant after he attains age 70 ½.
An application for benefits must be received by the Trust Fund Office in order for a distribution to be processed.
 
How do I apply for a withdrawal of my 401(K) benefits?
For distributions due to retirements after age 55; total disability; or failure to perform services for a Contributing Employer for a period of 3 consecutive calendar years, complete the online Application for Accumulated Share/Rollover Election Form and submit the completed application to the Trust Fund Office
 
For distributions due to death, your beneficiary should complete the online Beneficiary Application for Death Benefits and submit the completed application to the Trust Fund Office.                                                                                                                            
For distributions due to Hardship, complete the Request for Hardship Distribution and submit the completed application to the Trust Fund Office.
**You may, with written consent of your spouse, apply to recive a withdrawal of your elective contributions in the event of extraordinary hardship.

 

For distributions to an Alternate Payee as designated in a Qualified Domestic Relations Order, the Alternate Payee should complete the Application for Benefits/Qualified Domestic Relations Order and submit the completed application to the Trust Fund Office.
 
For Required Minimum distributions due to a Participant’s Required Begin Date (the April 1 of the calendar year following the attainment of age 70 ½), complete the Age 70 ½ Minimum Distribution Application and submit the completed application to the Trust Fund Office.
New Mexico Electricians Retirement Benefit Fund
c/o Southwest Service Administrators Inc.
2300 Buena Vista SE, Suite 127
Albuquerque, NM 87106
 
What happens to my money if I die?
Your account balance will be distributed to your designated beneficiary when they apply for benefits.  If you do not have a designated beneficiary, your account balance will be distributed in the following order of preference:
-Surviving Spouse
-Surviving Children, in equal shares
-Surviving Parents, in equal shares
-Surviving Brother or Sisters, in equal shares; and
-Estate Executor or Administrator